Vet your idea part 2

So now you have gotten a taste of how you go about when vetting your ideas. Today we take it one step further. Stretch yourself to see if there is any way you can make money off your idea by answering these questions:

1. Is it an easy sale?

2. Is your idea a no-brainer or does it require a lot of education to explain to people why it's a good idea? It's so much easier to sell to people who already know they have a problem.

3. What industry are you selling to? Is it one with a slow sale cycle (Education, Government, Healthcare)?

4. Is it an industry full of regulations where you'll literally need to lobby congress to enact laws that allow your company to operate? I'm not saying you should avoid tackling big problems, but I am warning you to know what you're getting into.

5. Is someone else already working on solving this problem? And can you build a product that is way better or way cheaper than the one that they provide.

If you can't provide significant more value than they are already providing, it might be a good idea to tackle a different problem. Why invest so much time and money solving what someone else is already doing a pretty good job solving? But hey, if you can do better…go for it.

Today’s taskSpend ten to fifteen minutes on these questions together with a friend or coworker. Does your idea make it out on the other end?